ICICI Bank Home Loans

Home loans at ICICI Bank are available with lower interest rates as compared to several other banks and housing finance companies across the country. Simple documentation and up to 30 years of tenure make the ICICI Bank home loan convenient and beneficial. ICICI Bank has 4,850 plus bank branches in India where thousands of professionals assist customers in all kinds of banking related services, including home loans, Personal Loan, Saving accounts and others. In addition to getting assistance from the bank’s experts, you can also use the bank’s official website to apply for the home loan and save yourself from the bank visit. The E-loan facility of the bank is quick and accessible through all kinds of digital devices with Internet facility.During the loan application process, customers are told about processing fee and other necessary things as required. The bank doesn’t charge any extra fees, and there are no hidden charges, which encourages transparency.

Completely filled and duly signed housing loan application form of the housing finance company with photographs

Income Documents Required for Salaried Individuals

Salary Slips- required for latest 3 months

Form16- required for latest 2 years

ITR- required for latest 2 years

Appointment letter- if changed job in last 12 months

Promotion Letter- if received any promotion recently

Salary account Bank statement- for latest 6 months

Employers identity card

Income Documents Required for Salaried Individuals

ITR- latest 2 years’ income tax returns

Computation of Income- Latest 2 years

Balance Sheet- latest 2 years with all schedules

Audited Reports- latest 2 years audited reports (if applicable)

Shop & Business establishment certificate

Net Worth Statements

MOU&AA- required for a private limited company

Partnership deed- required for a partnership firm

Profile

Bank statements of all the current/business accounts

Loan Details & Repayment track

Sanction letter of all the running loans

Repayment statements of all the running cards & loans

ICICI Bank Home Loan Features & Benefits

ICICI Bank offers different types of home loan facilities to meet the requirements of all type of home buyers with several attractive features and benefits. Its home loan offers includes simple documentation and easy to follow process. ICICI Bank offers home loan to Resident Indian salaried individuals, Business owners, Self-employed professionals and salaried Non-Resident Indians(NRI)& PIOs.Some of the features and benefits of ICICI Bank home loans are mentioned below:

Attractive interest rates:Various types of home loan schemes come with attractive interest rates- floating as well as fixed. They are different for salaried, self-employed, women and others category of borrowers. You can choose the best one for your home considering the loan amount you require, time and monthly EMI you can afford.

Flexibility: The ICICI Bank home loans are suitable for all individuals who have a regular income. Salaried as well as individuals with their own businesses can apply for home loan and get an amount they require to fulfill their dream of owning a house.

Long Tenure: Whether it’s a small amount or a borrowed home loan in crores, you get a long time to repay the loan through easy EMIs (equated monthly installments). There are home loan schemes like ICICI Bank 30 - year Home Loans where borrowers can get higher loan and 30 years to pay it back.

Loan transfer and top-up: With easy transfer procedure and right assistance, ICICI Bank allows you to transfer your existing loan with other banks to avail features of ICICI Bank home loans. Apart from that, you can top up your existing home loan if you need more money to complete the construction of your home.

Lower rate of interest for women borrowers: Salaried as well as self-employed women can apply for home loan at ICICI Bank to avail its attractive interest rates. The bank has made special categories of home loan interest rate for women borrowers.

Different Type of Home Loans: to meet all kind of requirements ICICI Bank offers home loan for purchase of a new property including flat, bungalow and ready or under construction, plot purchase loan, loan to build a house, house renovation loan and others.

Minimum Income Requirement: Minimum income required to apply for a home loan is Rs. 15, 000 for self-employed business owners and Rs. 25000/- for Salaried individual.

Loan Amount: Minimum Loan amount ICICI Bank offers is Rs. 5.00 Lacs and maximum loan amount can go up to Rs. 10.00 Crores or more subject to the applicant/s meeting all the eligibility criteriapolicy of the Banks.

Co-Applicant: ICICI Bank require all the property owners to be a co-applicant in the loan, to increase the loan eligibility you can add spouse or another close relative as co-applicant/s.

Loan Amount to Valuation Ratio: Depending up on size of a home loan, ICICI Bank Home loan offers a loan amount up to 90 percent of the cost of property.

Pre-Part Payment Charges: Nil part payment charges on all floating interest rate home loans given to individual borrowers.

Foreclosure Charges: Nil foreclosure charges on all floating interest rate home loans given to individual borrowers.

Financial or Non-Financial Guarantors: ICIC Bank doesn’t require any guarantor to offer you a home loan.

Home Loan Processing Fees: ICICI Bank charges a processing fees from Rs. 5000 to 1% (plus GST on processing fees) of the home loan amount depending on the quantum of loan and profile.

ICICI Bank Home Loan EMI:EMI (or equated monthly installment) is a fixed amount of money paid by loan applicant to any bank against the loan taken. With lower interest rates and repayment tenure of up to 30 years ICICI bank ensures a comfortable EMI during the entire loan tenure. The loan EMI can be as low as Rs. 780 per lac, to make it more convenient for the borrowers. Customers can estimate their monthly EMI by using ICICI Bank home loan EMI calculator. Since EMI is the fixed amount that you will need to pay to the bank towards repayment of your Loan, calculating the EMI helps you to plan your monthly budget. ICICI Bank Home Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on home loan.

ICICI Bank Home Loan Fees and Charges: Home loan schemes come with some processing fees and charges. There’s no hidden fee charged by the bank. ICICI bank charges 0.50% - 1.00% of the loan amount as processing fees. For late payment, the charges are 2% per month Home OD: 1.5% of the outstanding amount subject to minimum of Rs. 500. Repayment mode swap Charges are Rs 500, while there’s no fee for Statement of Account as well as Final prepayment statement.

ICICI Bank Home Loan Benefits

The bank offers several types of home loan schemes for different type of properties at floating as well as fixed interest rates. The suitable loan type can be decided considering amount of loan required, tenure of loan and profile of loan applicant/s.

ICICI Bank not just offers flexibility in home loans and easy documentation, but helps potential borrowers in fulfilling all requirements to ensure hassle-free processing procedure.

More than 900 ICICI Bank branches in India are presently serving home loan services to customers.

Apart from simplified documentation, there are doorstep services at the bank to avail without wasting the time.

The home loan repayment options at the bank are flexible and come with a long tenure.

Customers aren’t asked to pay any extra amount, and there are no hidden charges as well.

Salaried, self-employed, middle age as well as young people with regular incomes are eligible to avail the loan facility of the bank.

Under Pradhan Mantri Awas Yojana scheme, people with low income can apply for a home loan and fulfill their dream of having a home.

ICICI Bank Home Loan Interest Rate

ICICI offers home loans with fixed as well floating interest rates, apart from that, the rates of interest are also different for salaried, self-employed individuals and women borrowers, who further could be salaried or self-employed. Here’s more on ICICI Bank Home Loan interest rate:

Special Floating Interest Rate for Salaried Individuals for Loan amount up to 30 Lacs:For all the salaried borrowers home loans with loan amount less than or equal Rs. 30 Lacs,ICICI Bank offers a discounted interest rate. Under the scheme Salaried women get a rate of 8.35% and other salaried individuals get 8.40%.

Special Floating Interest Rate for Salaried Women Borrowers:ICICI Bank House Loan offers special interest rate for salaried women borrowers. Under this offer a woman with income from salary should be an applicant or co-applicant in the loan.The bank offer 0.05% discount on all the loan amount slabs for women borrowers.

Special Floating Interest Rate for Self-employed Individuals for Loan amount up to 30 Lacs: ICICI Bank offers a discounted and special interest rate to all the self-employed borrowers for loan amount up to Rs. 30 Lacs.

Special Floating Interest Rate for Salaried Women Borrowers: ICICI Bank Home Loan offers special interest rate for self-employed women borrowers. Under this offer a woman with income from salary should be an applicant or co-applicant in the loan. The bank offer 0.05% discount on all the loan amount slabs for women borrowers.

ICICI Bank Fixed Interest Rate Home Loan

ICICI Bank offers full term fixed interest rate as well as semi fixed interest rate for home loans.

ICICI Bank Home Loan Life Time Fixed Interest Rate for Full Tenure

ICICI bank offers fixed interest rate home loan to salaried as well as self-employed individuals, under this rate the rate of interest rate of a borrower is fixed for the entire term of the loan. The effective fixed rate of interest on loan amount up to Rs 30 Lacs is 9.70%. The interest rate for amount between Rs 30 Lacs and Rs 5 crore, and above Rs crore is 9.80% and 10.05% respectively. The bank offers uniform fixed interest rate on home loans to salaried as well as self-employed borrowers and offers a special discount to women borrowers. Below are the details

Below are the details of 2 year and 3-year Semi-fixed home loan interest rate for salaried and self-employed category of borrowers:

ICICI Bank Home Loan Semi-Fixed Interest Rate 2 years & 3 years

Loan Amount Slab

Women Borrowers

Salaried Borrowers

Self-employed Individuals

Fixed Interest Rate 2& 3 years

Fixed Interest Rate 2& 3 years

Fixed Interest Rate 2& 3 years

Up to Rs. 30.00 Lacs

NA

8.70%

8.70%

Above Rs. 30.00 Lacs to Rs. 5.00 Crores

NA

8.75%

8.75%

Above 5.00 Crores

NA

8.85%

8.85%

ICICI Bank Home Loans Types

Getting home loan from ICICI Bank from a small to big amount is easy and quick, thanks to a wide range of home loan schemes offered by the bank. All of the home loan types are available at attractive interest rates and higher eligibility. Here’s more about various kinds of ICICI Home loans:

ICICI Pre-Approved Loan: Eliminating the need of lots of documents and a long processing procedure, this loan type at ICICI is available for some limited customers of the bank. This loan scheme can be availed to get home loan approved by the bank even when you haven’t started looking for a home, but made your mind to get one soon.

Home Loan schemes combined with personal loan:It’s a personal loan type that you can avail in case you already have a home loan in ICICI Bank. In this way, you get extra money to make necessary improvement in your home or add something extra in it. This loan scheme is available with low interest rate and tenure same as ICICI Bank home loan period.

ICICI Bank Home Loan Insurance: It’s a home loan scheme that a borrower with ICICI Bank home loan can use to help their family repay the loan throughHome Loan insurance if any mishap took place in the life of borrower. This scheme of the bank is available in two different categories: Home Safe Plus and Loan Protect. Home Safe Plus is single premium long term insurance plan where the insured sum is constant during the policy period. On the other side, Loan Protect is a scheme that provides flexibility and tax benefits to the borrower.

ICICI Bank Saral Rural Housing Loan:This loan type is beneficial for those interested candidates who want home loan between Rs 5 Lacs and Rs 15 Lacs. Here, the loan tenure is three years to 20 years and the rate of interest is with 9.7% base value. The loan by the bank was started with an aim to help weaker section of the country, empower females and encourage development in rural areas.

ICICI Bank Home Loan for Land Loan:It’s clear from the loan scheme’s name that it is linked to purchase of a land. You can avail this ICICI Bank loan type if you are interested in buying a land and want to construct a house without your money. Here, you should remember that the home’s construction should finish in two years of the first amount disbursement of the land loan.

ICICI Home Loan Transfer and Top Up:You can avail this loan type if you already have a home loan running in other banks, but you are impressed with home loan services of ICICI Bank. You can transfer your loan to ICICI Bank through easy procedure and time-saving assistance by the bank. Apart from that, you can also top up your existing loan with amount required to make more changes in the home. Under this scheme, you can add 100% of transferred amount, while the rate of interest remains low.

Pradhan Mantri Awas Yojana:This home loan scheme of ICICI Bank was started to fulfill the vision of honorable Prime Minister to provide homes to people whose income in low. Under this loan scheme, one can get an amount with easy EMIs and attractive interest rates.

ICICI Bank 30 - year Home Loans:In this loan type, you get a high amount of home loan with a long tenure to return the borrowed amount. The doorstep services and easy documentation make the loan type a beneficial home loan scheme to avail.

Balance Transfer:Through this option, ICICI bank gives opportunity to those who have existing home loans in other banks but want to continue with the remaining amount at ICICI Bank to avail low interest rates and lots of other facilities the bank offers.

ICICI Bank Home Loan Schemes

ICICI Bank offers a host of home loan options that are tailor made to suit individual needs. The schemes offered by ICICI Bank are listed below-

ICICI Bank Extra Home Loan: ICICI Bank Extra home loan allows the customer to enhance the loan amount by up to 20% and also provide the option to expand the repayment period up to 67 years of age. A customer can avail the dual benefit of improved affordability and longer repayment period. The facility is currently offered in Greater Mumbai, National Capital Region, Bangalore and Surat.

ICICI Bank Pragati Home Loans: ICICI Bank Pragati Home Loans will cater to the loan requirements of a wider section of Indian society. Under Pragati Home Loans you can avail Home Loan, Home Improvement Loan and Non-Residential Premise Loan (NRP). It comes with features like minimum income of 10,000 per month for salaried applicants. Loan amount from Rs. 5 Lacs to Rs. 50 Lacsare available and the loan tenure can be extended up to 20 years.

ICICI Bank Express Home Loan The Express Home loan is offered to salaried class people residing in India. A customer needs to apply for ICICI home loan online. All they have to do is to upload the documents online and the bank will sanction the loan in 8 hours without nay meeting. ICICI Bank Express loan offers 9.40% interest rates for women borrowers.

Land Loan for Self-Construction As the name implies this loan helps customer to purchase a residential plot of land for self-construction. Land loan enables customer to purchase residential plot of land today for a self-construction in future. The construction of property must be completed within 2 years from the date of availing first disbursement of the loan. The plot must be within municipal limits of hub locations or outside municipal limits in case of direct allotment by Development Authority.

Home loan for Non-Resident Indian ICICI Bank home loans offers home loan to non-residential Indians for purchasing a house or property in India. This process is also speedy and convenient as it allows customers to apply for the loan online as well as allows online tracking of application. For applying to the loan candidate must be minimum 25 years old. For NRI applicant maximum age limit is 60 years or retirement age. For a salaried applicant, candidate should have been abroad for a minimum period of 1 year and for self-employed applicant, candidate should have been abroad for a minimum period of 3 years.

ICICI Bank Home Loan Eligibility

You can get a higher loan amount at ICICI Bank to build or buy a home of your dream. All you require is fulfilling the necessary requirements and meeting home loan eligibility criteria by the bank. Loan eligibility is decided by the bank considering monthly income of the borrower, age, retirement age and others. After checking the applicant’s eligibility, the bank suggests home loan offers suitable for the borrower. Eligibility calculator of the bank ask for some basic details of the applicant and property going to be purchased to check what loan the potential borrower can have.

ICICI Bank Home Loan Minimum and Maximum Age: As per the ICICI Bank guidelines for home loan scheme, the applicant’s minimum age should be 21 years, while the age shouldn’t be more than 65 years at the time of loan termination. The minimum age of co-applicant should be at least 18 years.

ICICI Bank Home Loan Minimum Income: The applicant must be a salaried or self-employed individual with regular income to get home loan:

Minimum net yearly income of a salaried applicant should be Rs 2, 50,000/- and above

A self-employed individual applying for ICICI Bank Home Loan should be earningRs 2, 50,000/- and above per annum.

Documents Required for ICICI Bank Home Loans

In addition to application form with a signed photo of the potential borrower, identity proof is required.

Residence proof should be also being submitted with the loan application.

To prove regular income, an applicant has to submit last 6 months’ bank statement, as well as last 3 months’ salary slip.

Other necessary documents required to make ICICI Bank home loan procedure an easy task include Form 16/Income tax returns, education qualification certificate, 3 years of IT returns with computation of income and proof of business existence for self-employed individuals.

ICICI Bank Home Loan EMI Calculator In addition to information from experienced professionals at ICICI Bank, you can check about monthly EMIs through the e-EMI calculator service offered by the bank. The base amount of EMIs isRs.758 per lakh of loan amount. For example, if a salaried individual want to buy a flat and want to get home loan with a facility to return the borrowed amount in tenure of 20 years, and finds out that the sanctioned amount will be Rs 2924355, the monthly EMI will be Rs 29000 with an interest rate of 10.40%.

ICICI Bank Home Loan Fees and Services Charges

Details of Charges, Fees, Penalty etc.

Amount

Home Loan Processing Fees

0.50% - 1.00% of the loan amount Plus GST as applicable

Prepayment Charges on Home Loans

Nil- On all floating interest rate loans

2% + GST on Fixed interest rate home loans

2% + GST on all the top up loans, where a company/Firm is a co-applicant in the loan

4% + GST on all the fixed interest rate home loans where a Company/Firm is a co-applicant in the loan

In all the loan where pre-payment charges are applicable, borrower has to pay a penalty on all the pre-part payments made during the last 12 months’ period.

Life time fixed to floating 1.75% of the principal outstanding loan amount + GST

EMI Repayment Instrument Swap Charges

Rs. 500/-

Original Document Retrieval Charges

Rs. 500/-

Repayment Cheque/ECS etc. bounce charges

Rs. 500/-

Amortization Schedule Charges

Nil

Statement of Loan Account Charges

Nil

Final prepayment statement

Nil

Duplicate No Objection Certificate / No Due Certificate

RS. 100

Revalidation of No Objection Certificate

RS. 100

Provisional Income Tax Certificate

Nil

Final Income Tax Certificate

Nil

Interest Certificate

Nil

Change of Address

Nil

Agreement Copy

Nil

No Objection Certificate / No Due Certificate

Nil

Administrative charges

Rs. 5000/-

CIBIL Report Charges

Rs. 50

Legal, Repossession and Incidental Charges.

At actuals

ICICI Bank Home Loan Overview

Buying a home requires huge financial investment, but not many have enough savings to spend on their dream property. Apart from that, rising property rates are also affecting one’s aim to get or build a home. Those with a desire to have their own home but aren’t capable of purchasing through their savings can avail home loan facility offered by reputed banks and home finance companies in the country. Home loan is a liability that offers lots of benefits to a borrower. Such services not just help you in buying your dream house or property of your choice, but also give direct as well as indirect advantages to cherish while living in a property of your own.

A borrower gets a long tenure to return the money through easy monthly EMIs. In addition, there are tax related benefits to avail. The home loan becomes more beneficial if the lender is trustworthy service provider and follows an easy processing procedure with attractive interest rates.

In India, many individuals choose to buy or build their homes by availing home loan services. A latest report has suggested that the numbers of new home buyers have been increasing rapidly. The rising demand leads to price surge of property in the country. There are many banks and house finance companies that have been offering various kinds of home loan services at impressive interest rates. Although getting home loan isn’t difficult today, processing procedures and formalities followed by the lender could be hectic and time consuming. In order to make home loan an easy and beneficial procedure, you should choose the right home loan providing company that not just has attractive interest rates but lots of customer-friendly services.

One such trustworthy home loan provider is ICICI Bank that has been operating since last more than two decades. Considering requirements of all kinds of potential borrowers, the bank offers various kinds of home loan schemes at easy monthly EMIs and lucrative rates of interest. Apart from that, borrowers get a long time to pay the loan amount.

ICICI Bank Home Loans are available in a wide variety and with easy-to-follow procedure. To make the loan approval process easy and hassle-free, ensure that you have submitted all the necessary documents. Apart from that, you can also consult the bank’s experienced professional to get right assistance while applying for a home loan. Before choosing the home loan scheme, compare all the options available and make the right decision keeping your requirements in mind.

FAQs

Is it possible for a borrower to increase EMI, and then decrease it in future?
A borrower who has increased EMI cannot decrease it unless there’s Part Pre-payment/ Conversion case.

What is minimum part pre-payment amount for home loan?
The amount should be an amount equivalent to 1 EMI.

What’s prepaying loan charges if someone wants to close the home loan?
Prepaying charges depends on the loan type you have chosen. If you have Home Loans and Home Improvement Loans with floating interest rate, you don’t pay any prepaying charges. The fee is 2% plus applicable taxes on principal outstanding in case the home loan is with fixed interest rate.

Is it possible to make part pre-payment on Home Loan Account through NEFT with ICICI Bank?
Yes, ICICI Bank allows you to make part payment of your house loan via National Electronic Funds Transfer (NEFT). To make the payment through NEFT, you have to visit an ICICI Bank Asset Servicing Branch near you to get assistance. You will get Service Request number that are you are required to mention in the remarks column in the NEFT form while making part payment through NEFT.

What is the maximum Home loan amount I can get from ICICI Bank?
Based on your home loan eligibility you can take a home loan up to Rs. 10 Crores or higher, also depending on the cost of the property.

What is the maximum loan tenure I can get from ICICI Bank for Home Loan?Subject to your age at the time of applying for the home loan you can take a home loan tenure up to 30 year.

What are the pre-payment charges for ICICI Bank Home Loan?There’s no pre-payment charges in ICICI Bank Home loan given to individuals, loans given to non-individuals may attract a penalty of 2% of the principal outstanding loan amount.

I am salaried individual what are the documents required to apply for ICICI Bank Home Loan?
The documents required to apply for home loan are KYC documents including your residence address proof, PAN Card, Aadhaar Card and your financial documents including your latest 3-month salary slips, latest 2 years ITR or FORM NO- 16, bank statements of the salary account and copy of the property documents.

From ICICI Bank, Can I get a Home Loan for construction of a house?
Yes, ICICI Bank Home loan offers a home loan for construction of House- Bungalow, Row house etc.

Why should I take a ICICI Bank Home Loan from iServefinancial?
iServefinancial, is a loan comparing platform where in you can compare home loan offer from all the lenders, you should compare ICICI Bank Home Loan with other bank offers before applying for a ICICI Bank Home Loan. iServefinancial offers you a doorstep service to take a home loan from ICICI Bank and assist you till the loan is not only sanctioned but disbursed also. iServefinancial does not charge you any additional fees etc. on your ICICI Bank Home Loan.